Nationwide lender offers refinance loans, second mortgage, FHA loan refinancing, loan modifications & fixed rate mortgages for cash out or consolidation with fixed payment financing. Refinance and select a fixed rate 2nd mortgage, variable equity line of credit or a 30-year fixed rate 1st mortgage. Don't let the refinance era of low interest rate mortgages pass you by! You still have time to lock in a great rate on a refinance mortgage that potentially saves you hundreds or thousands of dollars. You can finally access the cash to help make your financial dreams a reality! Apply for a FHA mortgage refinance and enjoy the lower monthly payments and reduced interest rate.
Loan Refinancing for Fixed Rate 2nd Mortgages
Getting a mortgage refinance loan offers you the opportunity to turn your variable rate credit line into a fixed rate equity loan with fixed mortgage terms. This can save you thousands of dollars a year in interest when you refinance and get cash out with a FHA mortgage that allows you to borrow up to 95% loan to value. Interest rates could rise any day, so there's no time to waste! Consolidate all of those high-interest credit cards that never seem to end. You can even make home improvements that could add value and beauty to your home!
A Refinance Second Mortgage could be the home financing solution to ease those financial anxieties. Take a breath, and call Nationwide to talk with an experienced loan professional about refinancing or restructuring your 1st and 2nd mortgage with a loan modification today.
Refinance and Lock into a Fixed Rate Mortgage
Fixed Rate Second Mortgage Refinance
Loans for Debt Consolidation
Pay off Variable Rate HELOC with Fixed Interest Rates
Low Rate Mortgage Refinance
Sub-Prime 2nd Mortgage Refinancing
Cash Out with FHA Mortgage Refinances
Non Conforming Mortgages
Consolidate Your Debt and Save Money with Lower Monthly Payments
from a Fixed Rate Second Mortgage
Home Equity Payment*
Monthly Payment Savings
* This is a sample of refinanced credit debt to and assumes interest rate for the second mortgage at 9.5%.
Apply Now and find out how much you can save!
100% Refinancing - for Fixed Rate 1st Mortgage Loans
Interest Only Payments with Mortgage Refinance Loans
Refinance or Second Mortgage? by Lynda Nelms
Combining first and second mortgages into one loan can be challenging, but sometimes it makes sense financially as well as being practical. In my borrower's case, the best option was to leave his first mortgage alone, and simply refinance his 125% home equity loan with a 95 or 100% second mortgage to lower his monthly payments. Read the complete article---
Linda's Advice when considering second mortgage refinances Ask Linda?
If you have reached the limit with your revolving equity line of credit it's time for a refinance. Verify with your loan officer that your rate is locked with a fixed rate refinance. Fixing the rate with a fixed term will keep your monthly payment steady for the duration of the loan.
Nationwide Home Equity Loan Spotlight
125% Home Equity Loans
Fixed rate home equity loans have become the most popular loan for 1st time homebuyers who have no equity. Now you can pay off debts, refinance variable credit card interest and get additional funds to finance some home improvements.
Is it possible to Refinance my 1st Mortgage only without
Refinancing the Second Mortgage?
Yes, it is possible to leave the 2nd mortgage alone and just refinance the existing first mortgage. The only catch is that the second mortgage lender must approve a subordination agreement. Unfortunately many lenders in second position drag their feet when it comes to subordination agreements. Even if they do allow the second loan to be subordinated, they will require you to meet a certain criteria, like loan to value, and mortgage payment history.
Think about it, why would a lender who could potentially be elevated to first position want to subordinate? Mortgage companies are not required to subordinate loans, so if you want to subordinate an existing second, be prepared for a fight and follow the lender's process for subordination approval.
Second Mortgage Refinance is a term used for re-doing your existing second mortgage. The goal for refinancing is usually to save money by reducing the interest rate, and/or to get additional cash out. If you are able to lower your mortgage payment several hundred dollars a month, then over the course of the loan you could save Thousands of dollars. This is a popular loan for people who want to convert their current variable rate mortgage into a fixed rate second mortgage with a fixed monthly payment.
Combined Loan To Value (CLTV) is the total balances of the loans secured to the home and how they correlate to the appraised value.
To calculate the Combined Loan To Value Ratio: Add up the balances of the 1st mortgage & 2nd mortgages, and then divide that sum by the appraised value of the home. (ie. When adding the first mortgage of $150,000 with the proposed second mortgage of $45,000.00 the two mortgages are added together to total $195,000.00. If their home is appraised at $200,000 Combined Loan to Value is 97.5% )
Interest Only Mortgage
Debt to Income Ratio (DTI)
Interest Only Mortgage - These loans allow borrowers to make a reduced payment monthly with only the interest portion being due. No part of the interest only payment goes towards paying off the principal of the loan, unless additional money is added to the minimum due. Interest only is allowed usually for the first 10 years or the draw period for most loan programs. These loans have become very popular with the advent of increasing property values because that makes the minimum mortgage payments lower for homes that would normally be too expensive.
Debt to income ratio or DTI is derived by dividing your total monthly payments (mortgage, credit cards, loans, etc.) by your gross income monthly before taxes. DTI is one of the 3 most important factors considered when underwriting a loan for approval.
Nationwide Mortgage Loans wants to make your mortgage refinance experience online a positive one that benefits your finances. Our experienced staff can help you find the lowest possible rate with a refinance or loan modification that works your payment into your budget.
Analyze the benefits of home refinancing. Get help calculating the monthly payment and discover the net interest savings. It will also calculate how many months it will take to get a return on investments for the mortgage loan costs.